Key Highlights

  • SK hynix, the South Korean memory maker, saw its US-traded line rise about 8% in pre-market trading on Wednesday, October 28, 2026, as the market weighed its third quarter results alongside forecasts for further memory price gains.
  • Meritz estimated, in a Korean report of Monday, October 19, 2026, that DRAM prices rose 22% and NAND prices rose 15% in the third quarter of 2026, which frames the reported surge in profit.
  • J.P. Morgan forecasts fourth quarter contract prices up 10% to 15% for DRAM and up 15% to 20% for NAND, which points to continued but slower DRAM price growth.
  • The price forecasts are analyst estimates and not company guidance, but the company's release of Wednesday, October 28, 2026 expects demand to exceed supply through 2030, with long-term agreements covering more than 50% of 2027 and 2028 capacity.

The Price Backdrop Behind the Move

SK hynix, a South Korean maker of DRAM (dynamic random access memory, used for working memory) and NAND (flash storage), saw its US-traded line rise about 8% in pre-market trading on Wednesday, October 28, 2026, while Korean shares rose about 10%. The company's release of Wednesday, October 28, 2026 reported third quarter revenue of KRW 104.6155 trillion, up 328% year on year, and operating profit of KRW 83.3338 trillion, up 632%. A Korean report of Monday, October 19, 2026 cited Meritz estimates that DRAM prices rose 22% and NAND prices rose 15% in the third quarter. Price gains of that scale lift revenue per unit shipped and, because unit costs change slowly, flow to profit at a high rate.

How the Analyst Forecasts Shape the Fourth Quarter

J.P. Morgan forecasts fourth quarter DRAM contract prices up 10% to 15% and NAND contract prices up 15% to 20%, according to the same Korean report. Contract prices are the negotiated prices for large buyers and move more slowly than spot prices. On those forecasts, DRAM price growth would slow from the 22% estimated for the third quarter, while NAND price growth would be broadly similar to the 15% estimated for the third quarter. Sequential price increases still supply a tailwind, but a slower pace means the rate of profit growth could ease. These are analyst forecasts. The company's own outlook, in its release of Wednesday, October 28, 2026, is qualitative: demand is expected to exceed supply through 2030.

Risks and What to Watch

The bull reading is that further price gains in both products keep operating profit rising while supply discipline holds. The bear reading is that a deceleration in DRAM price growth from 22% to a forecast 10% to 15% could cool sentiment even if prices keep rising, since share prices respond to the rate of change. Three risks apply: forecasts may prove too high, the third quarter price estimates come from a single broker, and a weaker won adds a cost sensitivity. Investors should watch fourth quarter commentary on pricing, the expected HBM4 crossover over HBM3E and the open at 9:30 a.m. ET on Wednesday, October 28, 2026.

Where Things Stand

The answer is that analyst forecasts support further earnings growth, although at a slower pace for DRAM, since J.P. Morgan sees fourth quarter DRAM contract prices rising 10% to 15% after an estimated 22% in the third quarter. The key number is the 22% estimated third quarter DRAM price gain. The next catalysts are the 9:30 a.m. ET open on Wednesday, October 28, 2026, the decision of the Federal Reserve due later that day, and fourth quarter contract price data. Pre-market prices are snapshots and can change, and this is not investment advice.